The UAE has warned Washington that prolonged dollar shortages caused by the Iran conflict could force Emirati oil sales into Chinese yuan, threatening the petrodollar system and US dollar dominance for the first time since the 1970s.
Don’t see how. If the US loses the exorbitant privilege the interest rates and inflation will go through the roof at the same time, and the government will not be able to keep up with the unlimited spending, so social services will go down the drain. The American middle and lower classes are going to take the brunt of it, and it’s not going to be pretty.
Don’t see how. If the US loses the exorbitant privilege the interest rates and inflation will go through the roof at the same time, and the government will not be able to keep up with the unlimited spending, so social services will go down the drain. The American middle and lower classes are going to take the brunt of it, and it’s not going to be pretty.